As the economy looks to regain its footing, the 2022 Holiday shopping season will see a greater focus on cybersecurity. While shoppers return to stores, ecommerce has gained an even greater foothold, meaning that it’s not just the brick-and-mortar stores that need to keep their guards up.
According to figures released by Adobe, US Consumers shelled out a record $204.5 billion during the 2021 Holiday season (Nov 1-Dec 31, 2021), a rise of 8.6% over the previous year. Unfortunately, as spending increased (as well as debit and credit card processing), so have cyberattacks, as security attacks increased 31% from 2020, according to Accenture.
Why is there an increase in cyberattacks around the Holidays?
As the weather turns colder and the calendar gets thinner, the last few months of the year become highly conducive to cyberattacks. While obviously busier with increases in email and financial activity, merchants also tend to have less staff available due to vacations and time off — staff that typically monitor and address potential threats.
This year, due to inflation and ongoing supply chain issues, Holiday shopping is set to begin earlier than ever. According to Salesforce, 42% more shoppers worldwide and 37% more in the U.S. plan to buy gifts earlier, hoping to get their Holiday fill before items run low while prices run high.
How can I protect my business from a cyberattack?
A recent study revealed that 89% of organizations say they experienced a ransomware attack during a 2021 holiday, with 36% saying they have no contingency plan in place. The impact of data breaches can also be tremendously detrimental and with the Holiday season around the corner, there’s no better time to fortify your organization with resources and secure electronic merchant systems to keep customer data safe, payment methods secure, and peace of mind at an all-time high.
Small business cyber security checklist
During the holidays and all throughout the year small businesses should follow this checklist from the Federal Communications Commission.
1. Train employees in security principles
Establish basic security practices and policies for employees, such as requiring strong passwords, and establish appropriate Internet use guidelines that detail penalties for violating company cybersecurity policies. Establish rules of behavior describing how to handle and protect customer information and other vital data.
2. Protect information, computers, and networks from cyber attacks
Keep clean machines: having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Set antivirus software to run a scan after each update. Install other key software updates as soon as they are available.
3. Provide firewall security for your Internet connection
A firewall is a set of related programs that prevent outsiders from accessing data on a private network. Make sure the operating system's firewall is enabled or install free firewall software available online. If employees work from home, ensure that their home system(s) are protected by a firewall.
4. Create a mobile device action plan
Mobile devices can create significant security and management challenges, especially if they hold confidential information or can access the corporate network. Require users to password-protect their devices, encrypt their data, and install security apps to prevent criminals from stealing information while the phone is on public networks. Be sure to set reporting procedures for lost or stolen equipment.
5. Make backup copies of important business data and information
Regularly backup the data on all computers. Critical data includes word processing documents, electronic spreadsheets, databases, financial files, human resources files, and accounts receivable/payable files. Backup data automatically if possible, or at least weekly and store the copies either offsite or in the cloud.
6. Control physical access to your computers and create user accounts for each employee
Prevent access or use of business computers by unauthorized individuals. Laptops can be particularly easy targets for theft or can be lost, so lock them up when unattended. Make sure a separate user account is created for each employee and require strong passwords. Administrative privileges should only be given to trusted IT staff and key personnel.
7. Secure your Wi-Fi networks
If you have a Wi-Fi network for your workplace, make sure it is secure, encrypted, and hidden. To hide your Wi-Fi network, set up your wireless access point or router, so it does not broadcast the network name, known as the Service Set Identifier (SSID). Password protect access to the router.
8. Employ best practices on payment cards
Work with banks or processors to ensure the most trusted and validated tools and anti-fraud services are being used. You may also have additional security obligations pursuant to agreements with your bank or processor. Isolate payment systems from other, less secure programs and don't use the same computer to process payments and surf the Internet.
9. Limit employee access to data and information, limit authority to install software
Do not provide any one employee with access to all data systems. Employees should only be given access to the specific data systems that they need for their jobs, and should not be able to install any software without permission.
10. Passwords and authentication
Require employees to use unique passwords and change passwords every three months. Consider implementing multi-factor authentication that requires additional information beyond a password to gain entry. Check with your vendors that handle sensitive data, especially financial institutions, to see if they offer multi-factor authentication for your account.
Ready more from Elavon on cyber security solutions:
- Expand payment methods with modern payment technology
- Mitigating fraud risk for merchants with a layered approach to security
- How to prevent payment fraud
- Safeguarding your restaurant against fraud in the digital age
Find more holiday payment security tips:
- Holiday chargeback prevention
- 5 tips to ready your retail business for holiday shopping 2020
- 5 ways to set up your small business for success during the holidays
- Black Friday: How to prepare for retail’s busiest day
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